XRP Faces Setbacks Amid Increased Whale Activity and SEC Appeal

XRP, the cryptocurrency associated with Ripple, has seen a notable increase in whale transactions, as highlighted by Santiment.

The token is also gaining traction on social media and has experienced a surge in transaction volume, reaching $2.39 billion—the highest in eight months.

📺 Bitwise’s XRP ETP filing (not to be confused with an ETF, which would be required if it was a security) has showed a significant on-chain response. Whale activity, social hype, and an 8-month high $2.39B in transaction volume indicates potential bullish momentum—but remember,… pic.twitter.com/yMdbE9G3GS

— Santiment (@santimentfeed) October 3, 2024

This uptick follows Bitwise’s recent application to introduce an XRP-based exchange-traded fund (ETF) in the United States.

While experts doubt the quick approval of such a product, the filing is seen as a boost to XRP’s legitimacy. Despite this, the excitement didn’t translate into price gains, with XRP declining on the day of the announcement.

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Adding to the token’s woes, XRP suffered a setback when the SEC announced an appeal in the ongoing Ripple case, resulting in significant losses.

Currently, XRP trades at $0.51, reflecting a 15% drop in the last 24 hours and a market cap of $28.9 billion. Following the SEC news, options traders have turned increasingly bearish, and Ripple’s continued legal battles with the SEC are likely to weigh heavily on XRP’s performance.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.